Endomines Finland (PAMPALO) Q2 2026 earnings summary

Executive summary

• Achieved record half-year and quarterly financial performance, with H1 2026 net result of EUR 10.4 million and revenue of EUR 34.7 million, driven by higher gold production and record gold prices.

• Major progress in exploration, especially at the Ukko deposit, and critical minerals projects, positioning for future production expansion.

• Sustainability initiatives advanced, including a 70%+ reduction in CO2 emissions and 100% recycled water use at Pampalo.

• Workforce expanded with high employee satisfaction and local community engagement.

• Operational reliability improved following the 2025 mining business acquisition.

Financial highlights

• H1 2026 revenue rose 61.2% year-over-year to EUR 34.7 million; Q2 revenue up 46.1% to EUR 16.2 million.

• H1 2026 EBITDA increased 86.4% to EUR 14.3 million (41.2% margin); Q2 EBITDA up 38% to EUR 5.5 million.

• H1 2026 net result surged 356% to EUR 10.4 million (29.9% margin); Q2 net result up 297% to EUR 3.3 million (20.3% margin).

• Gold production in H1 2026 was 9,692 oz, up 9.7% year-over-year.

• Operating cash flow before investments in H1 2026 was EUR 11.2 million.

Outlook and guidance

• Gold production expected to increase 10–20% in 2026, with long-term targets of 70,000–100,000 oz annual gold production by 2030.

• Largest exploration campaign in company history underway, targeting 50,000 m drilled in 2026.

• Southern Gold Line permitting and EIA report to be launched early next year; production start targeted for 2030.

• No change to guidance; focus remains on growth and resource expansion.

• Long-term gold market outlook remains positive, supported by high demand, central bank purchases, and geopolitical uncertainty.